Merrill Lynch has shifted its coverage of Remy Cointreau.

The broker today (28 June) upgraded its coverage of Remy from 'sell' to 'neutral'. The bank upped its price rating saying its initial concerns about the company leaving Maxxium have eased and still views the shares as fully valued.

This week, Remy Cointreau posted a net loss of EUR23m (US$31m) due to payments incurred by quitting its its distribution joint venture with Maxxium. According to the company, compensation totalling EUR241m ($324.3m) before tax for leaving the network was provided for under "other operating income and expenses" at 31 March.